Reactions to Brexit

Originally posted by Lapdog ↑

The decision of the British people to wave good-bye to membership of the European Union has already been greeted with some emphatic responses:

"Brexit: Carnage on Australian market as $50b in shares lost, dollar slumps"
"... The Australian dollar lost 3.4 per cent to 73.4 US cents. ..."
"... the EMINI S&P 500 Futures lost 5 per cent, while the Dow Jones Index Futures was down 4 per cent.
In London, the FTSE 100 is expected to slump when it opens, with FTSE futures indicating a loss of 8.8 per cent or 555 points. ..."
"... The pound shed more than 10 per cent of its value to $US1.346 — its lowest level since 1985 ..."
http://www.abc.net.au/news/2016-06-24/brexit-sees-british-pound-slump-aussie-dollar-follow/7540150

"Brexit vote: What happens now?"
"... A withdrawal would take two years after the British government chooses to invoke a provision of Article 50 the EU treaty that sets out the basics for a departure. ..."

"... If a deal can be reached within the two years, it may need to be ratified in all 28 member nations and perhaps approved by the Parliament in Scotland, where all major parties want to remain in the bloc. ..."
"... Once the two-year Article 50 term expires, Britain would be outside the single European market for services and become subject to possible tariffs on goods. ..."
"... But Britain is now in a worse position to curb European migration until it actually departs. ..."
"... Were David Cameron to quit, it would take the Conservative Party several weeks at least to select a successor. If he decides to try to remain prime minister, as he has said he would, Britain could be consumed by political maneuvering for weeks or months, postponing a decision on how to proceed. ..."
http://www.theage.com.au/world/brexit-vote-what-happens-now-20160624-gpr2u6.html

Some people are already speculating that Brits working throughout Europe may have to return home and vice versa. Australians traveling to Europe may now avoid the UK and fly direct to Paris, Berlin etc.

As for what it means for all those UK tax havens and corporate tax avoidance, .................

It will be interesting to see just how many rich Middle Easterners will now leave the UK and the impact that will have on the UK's property market.

What other reactions do other posters expect as a consequence of the UK's Brexit?

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Malcolm Turnbull is assuring us that all's well and that markets will soon digest the Brexit decision while Bill Shorten assured us that our economy is robust enough to take Brexit in its stride.

Meanwhile the $Aud has again been smashed while the ASX lost 3% of its value with no signs of a change of course or even commonsense returning anytime soon.

IMO our greatest exposure to Brexit caused problems relates to our record levels of private debt.

The Coalition has stoked the fires of both public and private debt at a time without a credible plan to deflate that bubble. It's not credible 'plan' to bring the budget back under control has headed further down the gurgler with Brexit almost certainly flagging more UK tax havens and even greater corporate tax avoidance.